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This article argues that the conception and norms of capitalism, in particular the faith that market organization is the best way to govern economic activity, are much more unified and coherent than the actual organization of economic activity in countries that consider themselves capitalist. The latter is marked by great variation in the way different activities and sectors are governed. Although in countries regarded as capitalist market organization plays a powerful role in the governance of many economic activities, there also are many activities that are governed largely through...

This article argues that the conception and norms of capitalism, in particular the faith that market organization is the best way to govern economic activity, are much more unified and coherent than the actual organization of economic activity in countries that consider themselves capitalist. The latter is marked by great variation in the way different activities and sectors are governed. Although in countries regarded as capitalist market organization plays a powerful role in the governance of many economic activities, there also are many activities that are governed largely through nonmarket mechanisms. It is also argued that few activities or sectors are pure market or nonmarket. Most involve a mix of market and nonmarket elements.